On Texas' Divesting Sudan-Related Funds

To the editor,
    Your news item on the Sudan divestment effort ["Retiring Our Investment in Darfur," News, March 23] may have left readers with the false impression that there would be a "financial hit" to Texas state pension funds as a result of the divestment legislation.
    When the Pension Fund managers withdraw the problematic investments, they are not going to put the funds under a mattress. They will reinvest the money in other profitable companies. It’s a false notion that companies that support genocide are more profitable than those that don’t. In fact, quite the opposite may be true. For example, the Texas employee and teacher retirement pension funds have more than $30 million invested in PetroChina, one of the most egregious offending companies. One has to wonder why we have so much invested in a company whose stock is down 19% this year.
    The number of foreign companies propping up the genocidal Sudanese regime is relatively limited. While there are more than 500 multinationals operating in Sudan, only a few dozen play a truly detrimental role in the country.
    Senate Bill 247, which passed the Texas Senate last week 29-0, surgically targets those few dozen companies. The bill is now pending before the House Pensions & Investment Committee.
    Over the course of the last few months, Texans have been horrified to learn that their money is indirectly aiding the genocide. We must act now to end this tragedy.
    Hopefully, Texas will join the other seven states that have already passed this legislation and continue to serve as a role model to the world. When we say "never again," we truly mean "never again."